Stocks Slide as Government Lowers Growth Estimate

By: Associated Press
By: Associated Press

New York, NY (AP) - A downward revision of U.S. economic growth in
the third quarter has sent stocks lower. Higher borrowing costs for
Spain also renewed worries about Europe's debt crisis.

The Commerce Department reported that the U.S. economy grew at a
2 percent annual rate from July through September,, down from the
government's initial estimate of 2.5 percent. Economists had
expected the figure to remain the same.

The Dow lost 54 points, or 0.5 percent, to close at 11,494 Tuesday. Aluminum maker Alcoa Inc. led the Dow lower.

The Standard & Poor's 500 fell 5 points, or 0.4 percent, to 1,188. The Nasdaq composite fell 2, or 0.1 percent, to 2,521.

Three stocks fell for every two that rose on the New York Stock
Exchange. Volume was below average at 3.8 billion shares.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

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  • by Gerry Location: Tallahassee on Nov 22, 2011 at 08:50 PM
    The problem with Obamanomics is that it was never tried. Republicans have tried to obstruct Obama 100% of the time since he was inaugurated. For only about 4.5 months, the tenure of Massachusetts Senator Paul Kirk, of his first 34 months in office, has Obama had a majority in the House and a filibuster-proof majority in the Senate. Obstructionism has not solved the US's problems; Obamanomics has not been tried.
    • reply
      by BILL CARTER OBAMA on Nov 24, 2011 at 03:17 AM in reply to Gerry
      using your argument, the democrats (not Bush) led to the economic decline since the Democrats were in charge of Congress...... cuts both ways
  • by Anonymous on Nov 22, 2011 at 05:44 PM
    It's not really Obama. Its Americans. For decades we have lived in a fantasy world that we could keep borrowing our way to prosperity. We have rigged our economy so that we could borrow against the (perceived)value of our homes. We forgot that the value of our home is what someone is willing to pay, not what the bank says it is worth. Now we can't even find anyone to buy our homes for what the bank said it was worth 5 or 10 years ago, and somehow we blame the president and not ourselves.
    • reply
      by Anonymous on Nov 24, 2011 at 03:18 AM in reply to
      wisdom speaking
  • by Howard on Nov 22, 2011 at 01:54 PM
    just got to love obamanomics...lets see, who can we blame now?
    • reply
      by dog on Nov 22, 2011 at 02:26 PM in reply to Howard
      Don't worry they will blame the Republicans for everything it's Never "The Chosen Ones" fault.
    • reply
      by tom on Nov 22, 2011 at 02:32 PM in reply to Howard
      but he promised.........
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